The Company’s gross margin was 43.7 percent in the first quarter, compared to 41.1 percent in the prior-year period and 47.1 percent in the fourth quarter of 2013. Selling, General and Administrative (SG&A) expenses were 14.7 percent of revenue in the first quarter, compared to 13.6 percent in the prior-year period and 13.3 percent in the previous quarter.
The first quarter income from operations was 29.1 percent of revenue as compared to 27.5 percent in the prior-year period and 33.7 percent in the fourth quarter. The sequential decline in operating margin primarily reflects the impact of higher employee headcount and compensation-related expense and currency-related balance sheet translations.
Net income for the first quarter was $58.1 million or $1.39 per diluted share, compared to $46.4 million or $1.11 per diluted share in the prior-year period and net income of $66.3 million or $1.58 per diluted share in the fourth quarter of 2013.
During Q1, Syntel spent $3.8 million in CAPEX, largely in support of campus infrastructure, and finished the quarter with cash and short-term investments of $712.9 million. The Company also added 555 net employees, ending the quarter with 24,207 employees globally.
Syntel reports first quarter 2014 financial results
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